Washington – Morocco’s ambassador to the United States, Youssef Amrani, highlighted on Monday the Kingdom’s commitment to promoting Africa’s development and economic integration and strengthening free trade between the U.S. and the continent.
Speaking at a roundtable held in Washington D.C. and hosted by the Center for Strategic and International Studies (CSIS), the diplomat stressed that Africa’s economic integration is a priority for Morocco.
Although Morocco is not a member of the African Growth and Opportunity Act, “we have a Free Trade Agreement (FTA) with the United States, which serves as the cornerstone of our economic relations,” Amrani pointed out.
“Morocco firmly believes in the transformative power of ‘Free Trade’ as a catalyst for the prosperity of nations and the creation of socioeconomic benefits”, he said, noting that the U.S.-Morocco FTA has played a pivotal role in expanding business opportunities, fostering trade, and generating thousands of jobs in both Morocco and the United States.
Since the entry into force of the FTA in January 2006, US-Morocco trade has increased significantly, placing Morocco as the fourth largest trading partner of the United States in Africa.
Morocco has also experienced a substantial increase of US investments, as evidenced by the several US companies operating in the Kingdom.
The diplomat also stressed the synergy between the African Continental Free Trade Area (AfCFTA) and AGOA.
“Today with the implementation of the AfCFTA, our continent will offer to US companies a larger market of over 1 billion people with a GDP of approximately US$ 2.6 trillion,” the ambassador said during this meeting held in the presence of several diplomats and high-profile experts.
In this spirit, Morocco is always working to preserve and strengthen its traditional partnerships, as well as constantly engage with like-minded initiatives that aim to promote greater regional integration, Amrani said.
Morocco stands ready, within the framework of South-South Cooperation, to engage in c
ollaborative efforts, share its experience, and provide technical assistance to African SMEs in order to help strengthen their export capabilities and increase trade with the United States, he underlined.
To illustrate this commitment, he said, a Memorandum of Understanding (MoU) was signed with the African Export-Import Bank (Afreximbank) last October.
This strategic partnership aims to develop a $1 billion Morocco-Africa Trade and Investment Promotion program to promote intra and extra-African trade through the implementation of trade information and advisory services, among other pivotal components, the ambassador added.
“As part of our ongoing endeavors for a prosperous Africa, a new mechanism of cooperation has recently emerged through the bold international initiative launched just last month by HM King Mohammed VI to enhance Atlantic Ocean access for African countries,” he pointed out.
Source:Agency Morocaine De Presse